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Lahore, Pakistan – Inov8 Limited, the region’s fastest growing mobile payments company, has secured Series A funding of $5.4 Million and achieved a valuation in excess of $100 Million. Inov8 is the dominant player in the Pakistan market, and is now expanding to Africa and the Middle East with its award winning products and services.

His Highness Sheikh Nahayan Mabarak Al Nahayan is the sole investor in this Series A round. On the occasion of the announcement, he said, “I have invested in multiple mobile payments and commerce initiatives, and I find the depth of the management, the product platform, and the vision of the founders to be the best I have come across. I look forward to being an integral part of their success story.”

Hasnain A. Sheikh, Chairman, CEO and Co-Founder, said, “Inov8 is looking to scale and grow it’s world class team to be the number one mobile payments company in the world by 2020. This round of funding is testament to the massive upsurge in the demand for Inov8 products and services across the region, which has been phenomenal over the last 18 months.”

Bashir Sheikh, Co-Founder and President, added “We will be utilizing our funds for our growth across the Middle East and Africa region with an expectation to raise a much larger Series B round in the near future. We will be looking to grow organically and via acquisition, for businesses, products and teams.”

It is interesting to note that while Inov8’s headquarters have moved to the UAE, with a presence in the UK, this funding and post money valuation should help pave the way for investment in to the burgeoning Pakistan technology industry.

“I have invested in multiple mobile payments and commerce initiatives, and I find the depth of the management, the product platform, and the vision of the founders to be the best I have come across. I look forward to being an integral part of their success story,” Al Nahayan said. Continue reading →

LAHORE: Inov8 Limited, Pakistan’s fastest growing mobile payments company has successfully secured Series A funding of $5.4 million and achieved a valuation in excess of $100 million, a statement said on Thursday.

The company has secured this investment from Sheikh Nahayan Mabarak Al Nahayan who has already invested heavily in Pakistan in various sectors ranging from banking, cellular industry, medical and others.

On the occasion of the announcement, Hasnain A Sheikh, Chairman, CEO and Co-Founder of Inov8 said that the company was a dominant player in the Pakistani market, and was now expanding to Africa and the Middle East with its award winning products and services. He said Sheikh Nahayan Mabarak Al Nahayan was the sole investor in this Series A round which poses his trust in Pakistan and its growth. Continue reading →

INOV8 WILL USE ITS LATEST EQUITY INJECTION TO EXPAND IN THE MIDDLE EAST AND AFRICA.

Pakistani tech company Inov8 Limited has been valued at $108 million in its first round of fresh funding.

The company made the announcement on Oct. 29 following an equity injection of $5.4 million from Sheikh Nahyan bin Mubarak Al Nahyan, the minister of culture, youth, and social development of the United Arab Emirates.

“I have invested in multiple mobile payments and commerce initiatives,” said Al Nahyan, “and I find the depth of the management, the product platform, and the vision of the founders [of Inov8] to be the best I have come across. I look forward to being an integral part of their success story.” Continue reading →

Inov8 Limited, a mobile payments company, has secured Series A funding of $5.4 Million and achieved a valuation in excess of $100 Million. Inov8 is the dominant player in the Pakistan market, and is now expanding to Africa and the Middle East with its award winning products and services.

His Highness Sheikh NahayanMabarak Al Nahayan is the sole investor in this Series A round. On the occasion of the announcement, he said, “I have invested in multiple mobile payments and commerce initiatives, and I find the depth of the management, the product platform, and the vision of the founders to be the best I have come across. I look forward to being an integral part of their success story.” Continue reading →

Lahore, October 8th 2015: Inov8 Limited, the region’s premier mobile commerce and payments provider, has partnered with Monami, a leading aggregator operating in North America and the region, to offer Internet Payments in Pakistan.This is the first time that such a large portfolio of internet payments, including leading names such as Google Play Store, Apple App Store and iTunes, Skype, PlayStation, Steam, Xbox Live, and World of Warcraft payments amongst more than 50 others, are being made available locally to Pakistani customers under the name “Cardwalla.” Inov8’s AllPay platform is being used to make these payments available to Pakistani customers through all banking channels in Pakistan including Mobile Banking, Branchless Banking, Internet Banking, ATM’s, POS, as well as Bank and Retail counters against cash.

“Inov8 has been working to grow the mobile payments industry in Pakistan since 2004.Today we have one of the largest offerings of products and services as well as one of the biggest client portfolios in the region.Launching the Cardwalla service for internet payments through our AllPay platform is in line with our vision to change the way payments are made today to bring ultimate convenience to the end consumer.AllPay is an open aggregation platform available to all Banks and Retailers designed to allow consumers to make payments conveniently. Estimates suggest a $60 million dollar Ecommerce market size in Pakistan with most internet payments being made informally.This number is expected to grow to $500 million by 2017, and with the Cardwalla service, we are providing a convenient means to pay through formal channels.”Bashir Sheikh, President and Co-Founder, Inov8 Limited.

“Monami looked at the Pakistani market and found that consumers were lacking in comparison to others in similar markets in terms of product breadth and accessibility. We are enabling the Pakistani consumer to become a global consumer and access international products. This is the first phase of Monami’s roll out of a 100% free home remittance option for Pakistanis around the world. ”Ammar Afif, Chairman, Monami

About Inov8 Limited

Inov8 Limited, setup in 2004, is Pakistan’s first and the region’s leading mobile financial services (MFS) solution provider, and has grown to become the leading partner to banks and telcos, both locally and internationally. Inov8 offers a host of next generation products designed to address all facets of the mobile based financial services and mCommerce value chains.Inov8 is ready to integrate all banks and retail organizations interested in offering Cardwalla services and can be contacted at allpay@inov8.com.pk.

About Monami

Monami is a financial tech company that operates a Global Payment Hub and focuses on emerging markets. By introducing unique technologies and products present in the developed economies, Monami aims to bridge the gap between western & eastern consumers. Apart from Cardwalla, Monami is launching a redemption channel for international digital wallets. Headquartered in Dubai, Monami is a global company that is growing every month and entering new markets every quarter. We are actively seeking sales relationships for the MENAPAK region – please contact partner@monami.net if you would like to be a Monami sales channel.

LAHORE: Monami has announced to channelise e-commerce remittances and payments to Pakistan without any fee from consumers in a bid to document international transactions of overseas Pakistanis, especially in Gulf Cooperation Council (GCC).

For this, Monami has partnered with Inov8, a Pakistani premier mobile commerce and payments provider to offer internet payment with its brand name ‘Cardwalla’.

Partnering with Inov8 provides Monami an opportunity to use the wide user base and e-commerce linkages already developed by it.

This is the first time that such a large portfolio of internet payments, including leading names such as Google Play Store, Apple App Store and iTunes, Skype, Netflix, PlayStation, Steam, Xbox Live, and World of Warcraft payments amongst more than 50 others, are being made available locally to Pakistani customers under the name ‘Cardwalla’. Continue reading →

President and Co-Founder, Inov8 Limited Bashir Sheikh has claimed that the estimated share of e-commerce in the Pakistani market “is $60 million with most Internet payments being made informally. This number is expected to grow up to $500 million by 2017.” His briefing came to a selected group of journalists on Thursday about partnership of the Inov8 and the Monami, a financial tech company that operates the Global Payment Hub and focuses on emerging markets. Continue reading →